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Financial forecasting or planning comprises numerous elements such as sales forecast, asset requirements, cash budget, new financing, forecasted financial statements, and anticipation of changes in the economy (Nbg. gr). The percentage of Sales method is the most commonly used method in estimating the financial statement of a company (Nbg.gr). It presumes that some expenses, liabilities, and assets do not change but instead retain a stable association to sales level; this method usually applies two approaches; the sales forecast and proportions which are presumed to be more stable (Nbg.gr).
Current assets and non-current assets are the two major types of assets set; current assets are the company’s short-range assets and can be expected to have a direct relationship with sales (Nbg.gr). On the other hand, fixed assets also have a direct relationship with sales because the firm uses the available assets to generate sales (Nbg.gr). Current liabilities are short term obligations that occur in the course of running the firm and have direct associations with sales (Nbg.gr). Non-current liabilities on the other hand, oblige the firm to put more effort in order to obtain funding and therefore, vary indirectly with sales (Nbg.gr).
In 2010 the sales for the bank decreased by 8.62%, this was as a result of unparalleled macroeconomic headwinds at the commencement of the year 2010 (Nbg.gr). The Greece economy is expected to decline by 3% to 3.5% this means that Greek banks will face a declining profit trend in 2011 this is assuming that the total revenue will decline at the same rate as the general economy at 3.5% (Nbg.gr). Therefore, 2011 sales will be €4,477,094,340 but this trend is anticipated to even out in 2013 and 2014 given that in 2013 the sales will increase by 5% (National bank of Greece).
Reference
Nbg.gr. “Annual Reports”, 2011, Web.
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